Question: Find the fifth term of the geometric sequence with first term $2$ and second term $\frac{1}{4}$.
Explanation: The common ratio is $\frac{\frac{1}{4}}{2}=\frac{1}{8}$, so the $k^{th}$ term is $2\cdot \left(\frac{1}{8}\right)^{k-1}$. Thus we have:

$2\cdot \left(\frac{1}{8}\right)^4=\frac{2}{2^{12}}=\frac{1}{2^{11}}=\boxed{\frac{1}{2048}}$.